DowDuPont Q2 Profit Rises

(RTTNews) - DowDuPont Inc. (DWDP) reported that its net income available for common stockholders for the second-quarter rose to $1.768 billion from $1.321 billion last year.

GAAP earnings per share declined to $0.76 from $1.07 last year. Adjusted earnings per share increased 41 percent to $1.37, compared with pro forma adjusted earnings per share in the year-ago period of $0.97. Adjusted earnings per share excludes significant items in the quarter totaling net charges of $0.50 per share and an $0.11 per share charge for DuPont amortization of intangible assets.

Net sales increased 17 percent to $24.2 billion, with double-digit growth in all divisions and gains in all geographic regions, from pro forma net sales of $20.7 billion in the year-ago period. The Agriculture division increased sales 25 percent, driven by a recovery from weather-related delays in the first quarter and local price gains. The Materials Science division grew sales 18 percent, with double-digit gains in all segments and in all regions. The Specialty Products division increased sales 10 percent, with gains in most segments and all regions.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.30 per share and revenues of $23.6 billion. Analysts' estimates typically exclude special items.

DowDuPont achieved cost synergy savings of more than $375 million in the quarter, reaching cumulative savings of nearly $900 million since merger close. The Company now expects to achieve year-over-year savings of $1.4 billion in 2018, a more than 15 percent increase from its previous target.

The company expects third quarter net sales to be up more than 10 percent and operating EBITDA up more than 12 percent year-over-year.